A federal appeals court on Monday upheld a decision rejecting claims of fraud by bankrupt wireless venture LightSquared and its equity owner Harbinger Capital Partners against Deere & Co. and other GPS firms.
Hedge fund Harbinger had accused Deere, Garmin International, Trimble Navigation Ltd, and a GPS industry group of misleading LightSquared about interference concerns and hastening the wireless spectrum's plunge into bankruptcy.
But the 2nd U.S. Circuit Court of Appeals in New York affirmed a ruling by the Manhattan federal court in February, saying Harbinger's arguments were "without merit."
While the 2nd Circuit decision is a blow for LightSquared, it comes just three days after the Federal Communications Commission (FCC) approved its request to transfer its valuable wireless spectrum into a newly-formed company.
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